Report Description

Press Release

Increasing automotive production and various government initiatives to fuel India automotive components market through 2024
According to TechSci Research report, “India Automotive Components Market

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India automotive components market
is anticipated to witness double-digit growth during the forecast period, on
account of increasing automotive production in the country. Growing working
population and expanding middle class income, in addition to government
policies such as Auto Policy 2002, Automotive Mission Plan and NATRiP are
positively impacting the market growth. During the last couple of years,
automotive components market in India witnesses sluggish growth in terms of
value, predominantly on account of currency fluctuations that negatively
impacted the country’s automotive industry. However, due to changing
requirements of OEMs, technological advancements and shifting market dynamics
due to changing customer demand, the market is poised to witness significant
growth in the next five years. Moreover, India leads the two-wheeler, segment A
car and tractor segments at the global market, which in turn is positively
influencing the country’s automotive components market.

India Automotive Components Market Segments

In terms of vehicle
type, automotive components market has been segmented into passenger car, light
commercial vehicle, medium & heavy commercial vehicle, two-wheeler,
three-wheeler and off-the-road vehicle. Passenger cars accounted for the major market
share in 2018 and is anticipated to continue dominating the market during the
forecast period, owing to increasing sales and expanding fleet size of
passenger cars in India. Based on the component, India automotive components market
has been segmented into engine parts, body & chassis, suspension &
brakes, drive transmission & steering parts, electrical parts and equipment.
Electrical parts segment is expected to witness high growth during the forecast
period, as the demand for electric start mechanism is increasing in the automotive
industry. Automotive components in India are required for replacement in old
vehicles and by original equipment manufacturers for new vehicles. In terms of regional
analysis, India automotive components market has been segmented into north,
south, east and west. The developing economy is witnessing high demand for automotive
components, on the back of growing demand for passenger cars and commercial
vehicles. India is a cost-effective manufacturing base, which is further contributing
to the market growth.

India Automotive Components Market Competitive Landscape

Major companies operating in India
automotive components market recorded high sale volumes in 2018 and the trend
is likely to continue during the forecast period. List
of major market players include Bosch Limited, NGK Spark Plugs (India) Pvt.
Ltd., Federal-Mogul Goetze Limited, Denso India Limited, Spark Minda, Cummins
India Ltd., Asahi India Glass Ltd., Subros LTD., Anand Automotive Systems
Limited, Bharat Forge Limited, etc. Major companies are developing advanced
technologies and launching new products in order to stay competitive in the
market. Other competitive strategies include mergers & acquisitions and new
product developments. Bosch is also investing in IoT in order to offer mobility
solutions and connected vehicles.

TechSci Research performed
both primary as well as exhaustive secondary research for this study.
Initially, TechSci Research sourced a list of manufacturers across India. Subsequently, TechSci Research
conducted primary research surveys with the identified companies. While
interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the manufacturers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the product offerings, distribution channels and presence of all
major manufacturers across India.

TechSci Research calculated India automotive components market size using a bottom-up approach, where data for various end-user segments
was recorded and forecast for the future years. TechSci Research sourced these
values from the industry experts and company representatives and externally
validated through analyzing historical data of these product types and
applications for getting an appropriate, overall market size. Various secondary
sources such as company websites, news articles, press releases, company annual
reports, investor presentations and financial reports were also studied by
TechSci Research.

The
study is useful in providing answers to several critical questions that are
important for industry stakeholders such as manufacturers, partners and end users.The study would also help them to
target the growing segments over the coming years and aid them in taking
investment decisions and facilitating their expansion.

Report Scope:

In this report, India automotive components
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:

Market, by Vehicle
Type:

Passenger Car

Light Commercial Vehicle

Medium & Heavy Commercial Vehicle

Two-Wheeler

Three-Wheeler

OTR

Market, by Component:

Engine Parts

Body & Chassis

Suspension & Brakes

Drive Transmission & Steering Parts

Electrical Parts

Equipments

Market, by Demand
Category:

OEM

Replacement

Market, by Region:

North Region

South Region

East Region

West Region

Competitive Landscape

Company Profiles: Detailed analysis of the major
companies present in India automotive components market.

Available
Customizations:

With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report: